Portfolio Manager's Journal
As of January 17, 2017

Midas Fund seeks primarily capital appreciation and protection against inflation and, secondarily, current income. Recent outperforming Fund portfolio securities include those of Goldcorp, Inc., a senior gold miner, and South32 Limited, a large base metals producer. Fund shareholdings of Alamos Gold, Inc., an intermediate gold producer with four operating mines in North America, have lagged over the same period. The Fund is currently seeking to add to its portfolio companies in the natural resources and other sectors with promising exploration potential, expanding production profiles, increasing cash flow, strong balance sheets, and/or other special growth features. The Fund currently is invested with leverage in a global portfolio of primarily large and medium gold and diversified mining companies, precious metals royalty companies, and ETFs holding gold and silver bullion.

Midas Magic seeks capital appreciation. Overall, relative to the S&P 500, the Fundís portfolio currently is more weighted in cyclical companies, such as financial services and consumer products, and is underweight in economically sensitive and defensive industries. The Fund continues to focus on companies that appear to have strong operations showing superior returns on equity and assets while also retaining reasonable valuations. The Fund has a broad orientation towards seeking to invest in conservatively priced value stocks and selected, reasonably priced, growth issues. Portfolio holdings of Viacom, Inc. Class B, the owner of global media brands that create entertainment content, and Discovery Communications, Inc. Class A, a global media company that provides content across multiple distribution platforms, have recently contributed to the Fundís returns. The Fundís holding of Marcus & Millichap, Inc., a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, has detracted from recent Fund performance. Each of Mastercard Inc. Class A, Berkshire Hathaway, Inc. Class B, and Alphabet Inc. Class A currently comprise more than 10% of the Fundís net assets.

Top Ten Holdings

Cautionary Note Regarding Forward Looking Statements

This release may contain certain “forward looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,”“will,” and similar expressions identify forward looking statements, which generally are not historical in nature. Forward looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from a Fund’s historical experience and its current expectations or projections indicated in any forward looking statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which a Fund invests, management risk, and other risks discussed in each Fund’s filings with the Securities and Exchange Commission. You should not place undue reliance on forwardlooking statements, which speak only as of the date they are made. Each Fund undertakes no obligation to update or revise any forward looking statements made herein. There is no assurance that each Fund’s investment objectives will be attained.